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, more than 8.5 million homes and businesses were without power. new york city and new jersey, especially the jersey shore, were the hardest hit. president obama will tour damage in atlantic city today. new york's subway system is flooded and will remain shut indefinitely. new jersey transit is also suspended. amtrak will resume limited regional service, but not to manhattan because of flooded tunnels. jfk and newark airports will reopen with limited service. airlines will resume service at other eastern airports. a.i.r. worldwide is putting the estimated insured losses at $7 billion to $15 billion. the u.s. financial markets, as we mentioned, will reopen today. the u.s. stock exchange says they didn't suffer any damage. goldman sachs will open its headquarters in lower manhattan, though it is still running on generator power. b of a will keep their offices closed, and citigroup says its office in lower manhattan sustained extensive flooding. joining us for a firsthand look at the damage from new york is scott cohn. i know it's still dark around you, but what kind of damage are we seeing?
and the deficit. >>> spanish equities bucked the trend. >> shake-up at citi. the company is still being mum about the specific details around his departure. >> and a surprise rate cut from the bank of thailand is hitting home in yet another emerging economy. >>>er you're watching "worldwide exchange," bringing you business news from around the globe. >> good morning to you. so much to get to in today's program. kelly is a little bleary eyed this morning. >> it's because i watched the debate this morning. >> you just happened to wake up at the exact moment that debate started? >> i thought i'll just watch it for two or three minutes to get an idea of what's g 90 minutes later. >> and your initial thoughts? >> i saw the first one because i was in the u.s. for it. it did come off as dour. this one was livelier. but i don't know whether there was necessarily -- the narrative is that president obama did better than last time around. whether it was as much of a game changer i think is still up for debate. in any case, president obama and mitt romney have one more debate next week. they may have left it
is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and in new york city, mayor bloomberg has ordered the evacuation of some 375,000 people from low lying areas. the new york stock exchange and nymex are in that evacuation zone and are affected today. those markets plus the nasdaq and cboe will be closed today and possibly tomorrow. cme says it may not reopen to tuesday's session. exchanges, brokers and regulators are worried about integrity of markets and cooperate ensure the safety of the employees on site. the last time the u.s. financial markets were closed for a nonholiday event was after 9/11. the last time the new york stock exchange was closed for a weather related issue was 1985 and that was due to hurricane gloria. the u.s. energy complex could take a hit from hurricane sandy. we'll have an update on that shortly. but first let's take a look at european markets. though we started to open slightly higher today, losses are accumulating. ibex 35 over in spain shedding about 0.4%
york city and especially lower manhattan saw its shares of flooding monday with water reaching record levels in some areas. and speaking of which, cnbc's bertha coombs is live for us outside the new york stock exchange this morning. thank you so much for joining us. can you tell us what conditions are like where you are and what dnlg you' damage you're seeing? >> reporter: it's actually fairly dry. last night in fact the new york stock exchange take to go twitter to dispel rumors that the trading floor was under three feet of water. if you can take a look behind me, the new york stock exchange floor is actually half a floor from the street level where those first balconies are. so for to be under water would be tremendous. we didn't have water in this part of lower manhattan despite that record surge. it was mostly over in the battery. will is significant flooding in several low lying areas especially near rivers. that's on the lower east side. we actually saw a transformer there blow because of flooding. as a result of that, con edison cut power to much of lower manhattan, some 250,0
not in the big cities, but also in the lower tiered cities. in the provinces. according to mckenzie, the latest research, china will build 221 new cities by the year 2025. >> well, nothing can go wrong with that. china must know it needs exactly 221 cities. >> well, you look at the mckenzie research, several pieces of research based on the proprietary data, 221 new cities, it could be growing from mid size villages to mid size towns, mid size to bigger towns. but in total, china will add something like 300 million more urban ite you a urbanites by 2025. >> so investors should stay wrn t within the longer term. >> all right more to come from andrew. >>> resources minister says the boom is over. >> and we'll get the latest read on uk inflation. the rate is expected to fall to its lowest level in three years. >> meanwhile new car sales are sle sliding in europe. >> and we'll be heading out to new york for a preview of johnson & johnson earnings. what one analyst says about the potential impact of the election on the health care sector. >>> and shares of telecoms has rebounded after laying out the
billion. citi will also take a $5 billion charge related to it sale in morgan stanley smith barney. analysts say the challenge is to maintain growth in emerging markets. it generates most of its core profits outside the u.s. p shares down about 0.1%. >> on the agendagenda, septembe retail sales around 8:30.shares down about 0.1%. >> on the agenda, september retail sales around 8:30. 10:00 august business inventories. in addition to citigroup's earnings, also look for results from charles schwab. >> and wd 140? >> is there a household anywhere in the western world that doesn't have a can of wd 40 sitting around? >> a great question. so wt d 40 reports today. and also expecting tepid growth the next year. latest poll finds 44% of economists expect 1.9% gdp growth and graduate you'll increase of 3% by the fourth quarter of next year and unemployment back up above 8%. there's a silver lining that housing is recovering faster than expected. a majority don't believe the u.s. economy will fall off the fiscal cliff. although if we've learned anything from economic proce projectio projectio
one reflects probably fair value. so china has been allowing the occurrences city to appreciate again recently and there by the premium that sometimes we've seen on the cnh has actually disappeared. so i think in terms of the actual issues such as fdi and so on, the currency issue is no longer very significant one except to some u.s. senators and presidential candidates. >> that's for sure. when you say china is more and more like a big normal economy, that leaves a rebalancing away from a pure export led model, but certainly we haven't seen the kind of consumer strength that people have been anticipating. and how much longer before we really need to see that flow through here or else it will leave china vulnerable? >> china will remain vulnerable for quite some time. these kind of strategic shifts from export whether he had growth to domestic demand led growth take time. this is a matter of something that will take five years to work out. it's the biggest task for new incoming leadership. and i think that's what they will focus on. so i think the time between the party congress in no
the bayou city of houston. >> i was there recently. beautiful. texans. go ahead. what happened to the bayou city of houston? should i take john in florida? john? >> caller: earnings. >> i didn't catch that. >> caller: westport innovations. >> i think it's okay. i like the concept. let's hear what charter industries have to say next week and then we can make a better judgment. that, ladies and gentlemen, is the conclusion of the lightning round. >> the lightning round is sponsored by td ameritrade. >>> if missing earnings were an art form, this dupont quarter would be a picasso. cutting the numbers was a sporting event, dupont's won the world series and the super bowl. and if it was an olympic contest, i would be giving this a high fly belly flop. dupont's teflon business, it was awful. >> that sound. >> hey, cramer, in august i purchased cumin, and since then it has taken a nose dive. should i put it in neutral and coast in to a long position? >> why don't you put your hands on my -- >> oh. >> that's bruce. >> you know i have been a fan of p & g forever. i love this with cheese, and these i
, steven engler, global head of a g-10 fx strategy at citi. thanks for joining us again. want to come to some of your u.s. dollar calls. you've been making the point that on the economic data in the u.s. dollar moves have been consistently moving hand in hand of late in the past they used to move in the opposition direction. so do you put this down to the qe-3 factor? >> in part, although it's been in place even when qe-3, or when quantitative easing hasn't been a major driver, a major force in the market. you have to realize that when you take a look at correlations over long periods of time, the dollar is kind of the currency of despair. you buy it when the economy is weak and you pretty much sell everything else. i think qe-3 is kind of making it easy for the euro and the europeans to look good right now because much of the world is terrified about the balance sheet expansion that they expect to occur and the flood of liquidity. so i think that there's a bias in the market. you know, to sell dollars broadly. in that circumstance, you look at reserve managers, you look at investors,
in ath thens this week, her fist advirst vis greece since the eurozone cry city started. >>> very good morning to you state side especially as we start the new trading week here. columbus day holiday. government closed in the states. the dow trading some 39 points below fair value. not a bad week, up 1.25%. a little more for the dow last week. nasdaq last week was up 0.6%. currently it's indicate $11 1/2 points below fair value. and s&p 500 is some 4.8 below value. so indicated for a negative start this morning. pretty good gains for european stocks. better than u.s. stocks last week. but the ftse global 300 this morning down. two-thirds. xetra dax today down 1.2%. ibex down a percent. spanish yields still contained. 5.68% is where we stand right now in spanish yields. so continue to fall further below the 6% mark. italian yields just over the 5% mark, as well. and currency markets, euro-dollar a little bet of weakness, back below 1.30, levels we were trading before the employment report last friday. aussie dollar down to below 1.02. what about in asia? >> asian markets kicked off in t
officers are on duty and they've blocked off the city to the protesters because at any cost they do want to avoid violence flaring up. on it so it's now a red zone. so police is on heavy guard because they'll have water cannons available, snipers are positioned around where the german delegation is staying. why is she coming now, why didn't she visit the two previous governments? because she knows hostility towards her is extremely high. remember for the better part of the last three or four year, she was seen as a scapegoat for the tough austerity measures that have been implemented here and that has led to the deep, deep recession in this country. well, she wants to send a message of support and solidarity about the reform efforts that have already been taken. but privately she'll be pressuring to say you have to continue with the reform efforts and we're not coming with any gifts. we'll make no further concessions. that will be her tough message as she comes here today. back over to you. >> what's interesting is that maybe the timing of this visit there seems to be imf saying we need
, please. tom. >> caller: hi, jim. booyah from sunny, warm, san diego. america's finest city. i'm a financial adviser and long-time viewer who appreciates what you do to educate and motivate. i would appreciate if you would share objective criteria for investors in determining best of breed. thank you. >> i start with record dividends and then to how a company has done consistently, good and bad times and yes, for best of breed i look at the product itself. is there a bank i want to go to. is it to use the great restaurateur, the one that is most hospitable to shareholders, anyway, diversification is important. it's what we're preaching. make sure you have a high yielder, growth stock, a spec -- and then you need geographically safe area for one of them. all about how to pick the best ones. i want you to be comfortable with your own portfolio. "mad money" will be right back. >> don't miss a second of "mad money." follow @jimcramer on twitter. tweet #madtweets. send an e-mail to or call 1-800-743-cnbc. miss something? head to >>> tonight i'm
on the precise reasons as to why they have blocked this deal and they have been short on transparent city. what we know is petro bass has 30 days in which to adjust the terms before a final decision is made. speaking to us here the energy minister was very pragmatic and there were alternative investments that malaysia could pursue. >> if we have an opportunity to i in-vest in canada, of course we will be happy. on the other hand, if canada finds that such investment is not welcome, then we will go to other countries. >> at $5.2 billion, this isn't a blockbuster deal. but if the progress does fall over, it could spell trouble for the $15.1 billion acquisition of maximenergy. the other is the broaden asian angle. canada cannot afford to ignore asia and the massive demand. >> public opinion poll shows a lot of unease, but it's ironic because what the prime minister of canada stephen harper has been in asia recently a couple weeks ago the four premieres were in china. what were they all doing? saying asia you're our market, we want to sell things to you. so it's a two way street here. >> the next s
're long on the markets for european stocks. as represented as well in the foot city global 300. up for the highs for the session up 15 points. ftse up around 3% for the quarter. today it is up if you take a look at it up a percent at the moment. ibex currently up 1.3%. bond yields coming down today. so in terms of spain and italy, which is the ones we're focused on, below 6% for spanish 1e7b year, yields lower in italy, as well.year, yields lower in italy, as well. occurrence ci euro dollar has bounced up during the session. dollar-yen 78. aussie dollar was dragged lower by those china pmis. again, just bounced off those lows. sterling slightly weaker on the back of the uk manufacturing pmi numbers that we also have out this morning. so that's where we are in the european session. let's recap the nation trading day. all the details out of sync pore. >> asian markets under pressure today, but volume was light because of the respective holidays. there are ongoing concerns in spain, aussie dollar rebounded a little, but under pressure ahead of tomorrow's rba reading. benchmark ended j
around this is head of developed markets rate strategy at citi. thanks for coming along. so what are you expecting from the ecb, when will they move next? >> i think today will be a monday event. the market is not pricing any in move. if there's going to be a change in policy, it will happen probably towards the end of the year and then most likely forecast also another change in the first quarter much next year. so it's all about expectations for the future. >> how do you trade around those expectations? >> the way to trade around it is to carry. the ecb has carry rich. you have on libor a quite steep structure. and so what we expect our baseline scenario to profit from long positions there. >> let's put this into the context of what's going on. we have the central banks and developed markets, the bank of englands as well today, most people agree that we won't get anything from the bank of england until november, december. any thoughts there? >> i think with regards to the fmoc minutes, what we'll get is most likely some sort of sense for unhappiness with regards to the measures that ha
cities but the numbers have been relatively small. kelly. >> thanks for that, ross. apple has a pretty loyal customer base, perhaps none stronger than in teenagers. 40% of teens own and iphone. 44% own a tablet with the ipad make up three quarters of those devices. kids who plan to buy a new tablet, 43% say they'd be more likely to go with apple if it starts selling a smaller ipad and it's expected to do so sometime this fall. tell us what you think about the loyalty to apple. is it a sign perhaps of saturation? what's it mean for competitors? you can e-mail us here or tweet us. you can also reach us directly. ross? >> still to come on the show, the imf makes its feelings clear on the eurozone. we'll have more details when we come back. we use this board to compare car insurance rates side by side so you get the same coverage, often for less. that's one smart board. what else does it do, reverse gravity? [ laughs ] [ laughs ] [ whooshing ] tell me about it. why am i not going anywhere? you don't believe hard enough. a smarter way to shop around. now that's progressive. call or click to
wall street, the people who don't to mortgages. and it's a trf vaes city and a disgrace. whether we say i support or do not support, we need to sit down together, all of us, led by the president, and say, look, here's our deficit, here's our goal, here's the period of time that we have in order to fix it. and here are the measures that have to be on the table, the ones we can agree on, those we disagree on, but we have to come out with a way to so that the bleeding. that means putting everything on the table. now, i oppose -- the fact is that there can be an agreement in my view that we would all have to make some sacrifices. but for me to say i would support this, i wouldn't support that, that's not the way you negotiate. >> but you're saying you won't put the mortgage tax deduction on the table. >> i wouldn't agree to it. but the fact is that there can be an agreement. >> didn't the debt ceiling negotiation show that there simply cannot be a coming to terms between republicans and democrats? each party has their own sacred house that they refuse to budge. >> the president has agreed a
policy. we need good upon city in the united states. simpson-bowles type deal with make all the difference and we would urge anyone who becomes president to get some of that done quickly. >> who would the markets like, romney or obama? >> i don't really know. >> markets always have a preference. >> people who vote for obama would say obama, people who vote no romney would say romney. >> but what would the markets say? >> business might modestly favor mitt romney, but it doesn't necessarily mean that's better for the markets or not. >> at jpmorgan, are you worried about the fiscal cliff situation and which way it could return in the month of december? >> there are two parts. one is actually what happens at the end of december and you can feel the effects of that before the end of the december. the second one is the real fiscal cliff, does the united states of america show it has the will and capability to fix its fiscal problems. i'm not worried as much for jpmorgan as i am for american business and more than that, the american jobs and the average american. a fiscal cliff an
Search Results 0 to 17 of about 18